Beleaguered department store chain Bon-Ton plans to close at least 40 stores over the next year CEO Bill Tracy told analysts in a recent conference call, according to a SeekingAlpha transcript.
“We’re taking more aggressive actions for the store portfolio,” said Tracy, who was appointed to head the chain this summer.
He noted that only 15 stores generate negative EBITDA, but Bon-Ton still wanted to look at its store footprint and “focus our efforts…on the stores that we think have the most potential going forward.”
For the third quarter, Bon-Ton’s comps fell 6.6 percent and the company posted a $44.9 million net loss.
Tracy did mention that in the third quarter, the department store showed strength in fine jewelry.
(Image courtesy of Bon-Ton)